TomTom in plan to cut debt: report

CHICAGO (MarketWatch) -- Dutch navigation product firm TomTom NV plans to raise 430 million euros, or $602 million, by selling new shares in an effort to address its debt burden, The Wall Street Journal reported on its Web site Sunday, sourcing people familiar with the matter. TomTom, which makes navigation products for cars and cell phones, has plans to sell about a 100 million euro stake to investors Cyrte Investments BV and Janivo Holding BV, and also wants to tap existing shareholders in a plan that will be announced as early as Monday, the report said. TomTom is dealing with debt of 1.4 billion euros after a 2.9 billion euro purchase of Tele Atlas in 2007, the Journal said.

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